Zapata AI SPAC

Zapata AI is a Boston-based AI and quantum startup that went public through SPAC merger with former IndyCar driver Michael Andrettis blank-check firm, Andretti Acquisition Corp. The company uses generative AI and quantum techniques to solve complex business problems, such as enriching business analytics with data and customizing LLMs for customer-specific challenges. The SPAC deal approved in February gave Zapata a pro-forma enterprise value of $331M at $10 per share when it went public in April 2024. Shares plunged 58 on the companys first trading day, slumping to $5.70 at close. Nearly 90 of $ZPTA market cap evaporated within a month, following an increasingly-common trend for SPAC stocks.